Shares of Vedanta, one of the country's largest mining sector stocks, have been rising continuously. Due to gains over the past seven trading sessions, the company's stock price has increased by 13.5 per cent. On Wednesday alone, this stock's price rose by 2 per cent. Following this increase, the company's share price reached ₹580.45. Vedanta's shares have never reached this level before. Alongside Vedanta, several metal stocks in the country gained on this day. The Nifty Metal sectoral index rose by approximately 0.41 per cent.
Prices of various metals remain 'high' in the international market. Additionally, recent updates related to the company's business have boosted the shares, according to experts' opinion. Recently, Vedanta announced the division of its entire business into five listed companies. The National Company Law Tribunal (NCLT) has also approved this. Vedanta stated that the demerger decision was taken to reduce debt burden and create more focus on independent businesses. In the future, Vedanta may split into Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, and Vedanta Iron and Steel. The zinc and silver business will remain with Vedanta.
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Various brokerage firms have also given 'buy' ratings on Vedanta's stock. Many firms have changed ratings while increasing the target price for this stock. For instance, domestic brokerage firm Kotak Institutional Equities changed Vedanta's stock rating from 'add' to 'buy'. The target price was increased from ₹550 to ₹650. ICICI Direct has also given a 'buy' on this stock. The target price has been set at ₹650. This year, this stock's price has risen by 29 per cent. In 2024, this share's price had increased by 72 per cent.
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